Shares of Torrent Power hit a 52-week high of Rs 1,463 on 1 April after the company announced bagging a significant order for a 150-megawatt wind-solar hybrid project from its distribution unit.

In its regulatory filing, the company said, “Torrent Power has received Letter of Award from Torrent Power Limited-Distribution Unit for setting up of 150 MW (RE Power) Grid-Connected Wind Solar Hybrid Projects under Greenshoe option.”

The total cost of the project is Rs 1,825 crore and will be commissioned within 24 months from the Power Purchase Agreement (PPA). The PPA contract is for a period of 25 years from the commissioning of the project.

As part of the order, the annual capacity utilisation factor will not be lower than 50% for any of the years during the term of the PPA, and the rated power capacity of wind and solar shall be 2:1.

To meet the 50% capacity utilisation factor, the company will install 245 megawatts of wind and solar capacity instead of the contracted 150 megawatts.

Earlier on 16 March, the company received a letter of award from Torrent Power Limited’s Distribution Unit for setting up a 300-megawatt Grid-Connected Wind Solar Hybrid Project worth Rs 3,650 crore.

At 3:30 pm, the shares of Torrent Power closed 4.72% higher at Rs 1,422 on NSE.